Executor Of A Will Naperville County

We provide responsible, cost-effective guidance and legal counsel to those who have been named as executors, trustees, guardians, and personal representatives of a loved one's estate. If all interested parties are satisfied with the Executor's final accounting and overall handling of the estate, the Executor will then proceed to make distributions according to the terms of the will. Executor of a will naperville homes for sale. However, many people make mistakes when choosing an estate executor. If you need to establish or update an existing will, or need support for contested wills, contact us to schedule a consultation. Contact Our Office to Set Up Your Initial Consultation. We can also help you create a comprehensive estate plan that provides for your own needs during your lifetime and ensures that you can leave a positive legacy for your family.

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Testamentary trust - created in a will and only goes into effect after a person is deceased. The Executor will also need to send a receipt to each beneficiary for his/her signature, which will effectively acknowledge that his/her share is accurate and acceptable according to the proposed distributions of the Executor. Do you have to be named in the Will to serve as the Executor in an Illinois Probate Estate? Choosing an executor. At times, it is necessary to have both.

Executor Of A Will Naperville County

Some residents of Naperville may elect to publish a last will and testament as part of their estate planning. Trusts have other advantages, too. We have intentionally made our fees affordable, not because we have to, but because we can and we want to help as many people as possible in order to build a reputation for efficiency, effectiveness and value. In addition, the opening of a Probate Estate can be delayed by contested issues related to the Estate. Under 755 ILCS 5/4-3, for a will to be legally valid, it must be signed by the testator. In order to be empowered with the full authority under the will of the deceased person and under Illinois probate law, the Executor will need to proceed to open an estate and be officially appointed as the representative by the local probate court judge. The management of your property if you are disabled. We have received Avvo's 2016 Clients' Choice Award for both Divorce and Estate Planning. The Naperville trust attorneys of Roscich & Martel Law Firm can help ensure that a will or trust meets your objectives and fulfills all legal requirements of the State of Illinois. Professional executors of wills near me. What is considered reasonable and how this amount is determined varies for each situation. However, that should not stop you from planning for the future. However, there are trusts for pets where you can establish how you want a pet taken care of and set aside funds toward this.

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When a grantor creates a trust or a testator drafts a will, it's intended to ensure that property is cared for and distributed according to the creator's wishes. Naperville Alternative Forms of Testamentary Disposition | Wills & Trusts Attorney. Contact Us Today for Help, Call 630-657-5052. Death is an unfortunate reality of life, and our hearts go out to anyone dealing with the passing of a loved one. No Percentage of the Estate. Most importantly, many of our past clients have taken the time to leave us glowing heartfelt testimonials.

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For more information on this topic, visit our page on when an Illinois Probate is necessary. In Illinois, a Probate is typically necessary when there is real estate involved, or at least $100, 000. A trust is a legal arrangement under which one person, the trustee, manages property given by another party, the trustor, for the benefit of a third person, the beneficiary. Creating A Will | DuPage County Estate Plan Lawyer | Naperville. The legally assigned representative of the deceased person's estate is known as the executor.

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A will gives you the power to decide in advance who will receive these assets. While some may believe that being named as the Executor in a Will gives them full power to handle an Estate, the named Executor must first be appointed by a Court. Under the Illinois and Indiana Probate Acts, courts conduct proceedings leading to the appointment of guardians. For example, you must consider your distribution goals. Executor of a will naperville county. We can assist with: - Wills - Your last will and testament is one of the most important estate planning tools available to you, as it lays out exactly how you want your property to be distributed upon your death. However, the full scope of your responsibilities might not become clear until the time comes for you to fulfill your role, whether you are ready or not. If you have children and other dependents, having a will can determine guardianship and establish provisions for your loved ones. Trusts can help ensure that your assets are protected while simplifying the process of distributing these assets to your beneficiaries.

Executor Of A Will Naperville Illinois

Once distributions have been made, and assuming that the six-month claims period has run, the Executor can then proceed to petition the Probate court to close the estate (755 ILCS 5/28-11). After appointment by the court, the personal representative has to provide notice to all known creditors of the estate and gather an inventory of the estate property. What is a Power of Attorney? We take time to walk each client through the estate planning process, educating them on all available options to guide them toward the best possible decisions. In particular, because of the terms of the poorly-drafted Will, the probate estate became much more complicated in its administration. In addition, you will have to consider any special situations you may have — such as a divorce or a disabled child. In your will, you will need to name someone to carry out your wishes and to manage your estate in the event of your death.

A Will may be revoked or changed at any time before death so long as the maker is legally competent. Locating Heirs and Others: You will also be required to keep an updated list of the decedent's named heirs and beneficiaries. Based on predetermined formulas, the probate court decides who receives which assets. Kevin O'Flaherty was the recipient of Suburban Life Magazine's Best Under 40 Award for 2015. Using a will to direct who you wish to care for your pets is an option. Give yourself the peace of mind that comes with knowledgeable guidance: call 630-510-1800 or fill out the quick contact form on this site. Thomas Lageotakes, Attorney & CPA. In some cases, the delay may exhaust estate funds and no inheritances are available to be given. PROGRAM TAKE THE PLACE OF A WILL?

According to 760 ILCS 5/4, these powers include the ability to: Clearly, named trustees of an estate have wide-ranging powers. 760 ILCS 5/5 outlines the strict responsibilities of trustees under state law. Your attorney must always keep an eye on maintaining family harmony and preparing for further generations while understanding the nature of family dynamics. Talk to an Experienced Estate and Trust Litigation Attorney. In addition, if you have a more complex estate with substantial amounts of property and assets, you may be better off setting up one or more trusts and bypassing the probate process entirely.

Failure to carry out the duties of the trustee as set forth in the trust documents, such as making scheduled payments to beneficiaries. The need for proper estate administration is vital to the future of those estates. We look forward to working with you. For practiced assistance with estate administration or probate in Illinois, contact our office. To take control of matters now and remove the uncertainty, call us. This guide is intended to provide some basic information about the responsibilities of trust administrators.

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